LeapRate has learned via regulatory filings made with the US Securities and Exchange Commission (SEC), that binary options brokerage operator EZTD Inc (OTCMKTS:EZTD), the parent company of binary brands EZTrader.com and EZinvest.com, has dismissed its VP of Sales Tal Golan.
Golan’s dismissal becomes effective as of August 27. The company did not give a reason for his dismissal.
Tal Golan has been VP of Sales & Support at EZTD (formerly WGM Win Global Market) since 2012. Prior to joining EZTD, he served as Vice President of Sales & Support at OptionRally from 2010 to 2011, and before that he served as Sales Manager at eToro from 2009 to 2010.
EZTrader has hit some hard times lately, with EZTD Q1 results showing a growing net loss and decreasing revenues, despite a large ramp-up in marketing spend. EZTD lost $3.3 million in Q1, a fairly large number given its Revenues in the quarter were $7.0 million, down slightly from $7.1 million in Q1-2015.
To help cover the losses, EZTD raised outside capital of $6 million in a private placement transaction at the end of Q1. EZTD exited Q1 with cash resources of just $2.3 million – less than one quarter’s worth of losses at the current rate. Clearly, either EZTD needs to improve its performance and quickly cut its loss rate, or raise even more capital within the next few months.